Tuesday, November 21, 2006
Co-Op follows Abbey in offering 5x income multiples
The Co-operative Bank has become the latest mortgage lender to offer loans that are calculated at up to five times a customer's income. At the beginning of November the Abbey, the country's second largest lender, attracted widespread attention for a similar deal. The Co-op said it was stretching its lending criteria so borrowers could keep up with rising house prices. It said the offer was aimed at people with stable jobs and incomes.